Caixin
Dec 30, 2021 06:10 AM
BUSINESS

Unigroup Clears Major Hurdle in Massive Revamp

Unigroup had total assets of 296.6 billion yuan ($46 billion) as of the end of June 2020. Liabilities amounted to 202.9 billion yuan
Unigroup had total assets of 296.6 billion yuan ($46 billion) as of the end of June 2020. Liabilities amounted to 202.9 billion yuan

China’s Tsinghua Unigroup won backing from creditors and shareholders to advance a restructuring plan that will bring in strategic investments of 60 billion yuan ($9.42 billion) to restructure the debt-ridden chip conglomerate.

Creditors representing more than 90% of outstanding claims voted in favor of the draft restructuring proposal during a second creditors’ meeting Wednesday, Unigroup said. 

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